Kaupthing Bank is preparing to commence activities in the Middle East. Operations will be based in the Gulf and Kaupthing Bank is currently in discussions with regulatory authorities in the region to obtain neccessary licences. The Bank will initially focus on investment banking and wealth management in this region. Kaupthing has appointed Umar Ali as Managing Director of operations in the Middle East. Mr Ali has 15 years experience in international finance and was previously employed at HSBC Bank and NatWest Markets where he had extensive experience of the region. Kaupthing expects to employ approximately 10-15 people in the area during the first year.